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Three senior officials from Russia joined the board of the payment company A7, with a trading volume of approximately 140 billion US dollars for its ruble stablecoin A7A5

According to a report by Reuters, the Russian government press office announced that Finance Minister Anton Siluanov, Energy Minister Sergei Tsivilev, and First Deputy Prime Minister Denis Manturov have joined the board of directors of the Russian payment company A7. In the context of Western sanctions affecting traditional banking channels, A7's role in maintaining trade relations between Russia and partners such as China is expanding.A7 was established in 2024 by the Russian bank PSB, which primarily serves the defense sector, to provide cross-border transaction settlement services for Russian enterprises. Due to Western sanctions, traditional banks have difficulty processing many payments related to Russia, especially trade payments with Russia's largest trading partner, China. A7 estimates that currently, up to 80% of Russia's foreign trade payments are completed through alternative channels.A7 has been subjected to multiple Western sanctions. The U.S. Treasury imposed sanctions on it on October 1, stating that it has established a global network of affiliated companies that "disguises payments related to sanctioned industries and individuals as ordinary business activities." A7 uses the ruble stablecoin A7A5 for settlements. This token was launched in 2025 in Kyrgyzstan and is backed by ruble deposits held at PSB Bank. According to PSB's estimates, the cumulative transaction volume of A7A5 has reached approximately $14 billion.

first_img The Central Bank of Russia prohibits withdrawing funds from regulated cryptocurrency accounts to self-custody wallets

On October 12, the Central Bank of Russia clarified in its updated guidelines that individuals are not allowed to withdraw cryptocurrency from regulated digital accounts to self-custodied wallets. The Central Bank stated that this restriction is based on Article 31(9) of the new Russian cryptocurrency market law (Federal Law No. 282-FZ), which will take effect on September 1, 2026. Digital accounts are statutory accounts used to record crypto assets, and digital custodians are registered institutions that register and transfer these assets and provide access to wallet addresses.This restriction applies to the withdrawal of funds under the regulated custodial system in Russia. For withdrawals from ordinary investment accounts, the rules cover resident individuals and do not provide exemptions for qualified investors. According to Article 31, individuals who pass the required tests and receive risk disclosures can transfer cryptocurrency to wallets managed by legally authorized foreign custodians, which is different from withdrawing to personal wallets outside of institutional custody. The law also sets exceptions for foreign trade settlements and mining.The Central Bank also stated that transfers between individuals using addresses managed by digital custodians are not allowed, including transfers generated from transactions between individuals. The aforementioned provisions belong to the general cryptocurrency market law and are not rules applicable only to participants in experimental projects. The Central Bank indicated that direct peer-to-peer transactions between individuals are only permitted until July 1, 2027, when Article 30(1) will take effect; thereafter, residents who are not authorized as intermediaries in the cryptocurrency market must complete transactions through or with the participation of authorized intermediaries, with optional channels including licensed brokers and operators of cryptocurrency exchanges listed in the Central Bank of Russia's registry.

first_img BlackRock CEO Larry Fink: Halting data center construction could lead to a recession in the U.S., warns $40 trillion debt

Larry Fink, CEO of the world's largest asset management company BlackRock, stated in an interview with CNBC on Wednesday that if the United States implements "some kind of pause" on data center construction, it will plunge the U.S. economy into recession. He said, "A large part of our economy is built on such capital expenditure expansion." Data centers are buildings that house a large number of computers and provide computing power for artificial intelligence. Fink's remarks were in response to calls to halt data center construction due to concerns about environmental impacts.Fink dismissed concerns about data centers, stating that most fears are based on "misinformation," and emphasized that "data centers are not the problem." He also pointed out their demand for labor in construction, energy infrastructure, and AI computing hardware. A survey by the Pew Research Center shows that at least 49% of Americans believe data centers negatively impact the environment and the quality of life for surrounding residents. Moody's estimates that U.S. capital expenditure on data centers will reach $700 billion this year, accumulating between $2.4 trillion and $2.48 trillion by 2030, with the global total reaching $7 trillion by the end of this decade.Fink also warned about the government debt issue, stating that the U.S. fiscal deficit is having a serious impact, with national debt rising from $8 trillion in 2000 to $40 trillion in 2026, "an increase of $32 trillion over 26 years," causing a huge shock to credit demand and leading to larger government bond auction sizes. He believes that private capital needs to be unleashed to drive the U.S. economy to achieve 3% growth. BlackRock saw a net inflow of $205 billion in the third quarter, with revenue growth of 19%, adjusted earnings per share increasing by 38% year-on-year, and operating profit margin rising to 47.8%.
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